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| Autumn budget Seminar 2024 | |
The Chancellor of the Exchequer, Rachel Reeves, will deliver her first Budget on 30th October 2024, marking the first Labour Budget in 14 years and the first ever delivered by a female chancellor. Appointed by Prime Minister Keir Starmer, Reeves aims to address the UK's economic challenges and promote growth. | |
We are delighted to invite you to join us for our online briefing seminar at which our tax experts will look behind the headlines and reflect on the real effects the Autumn Budget will have on both companies and individuals and how your approach to tax planning could be adapted under these new legislative changes. | | | |
There will also be an opportunity to raise your questions to our advisory panel. If you are interested in signing up to our seminar, please follow the link below to register. | |
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James Cowper Kreston named one of the top 40 accountancy firms by eprivateclient | |
We’re delighted to announce that the firm has been named one of the 2024 Top Accountancy Firms by eprivateclient, the leading website and news service for private client practitioners. | |
The recently released list of the top 40 accountancy firms for 2024, names the best UK tax advisory firms providing advice to domestic and international private clients, their families and businesses. Firms are separated into four tiers and each tier reflects not only the size of a firm’s offering, but the focus they place on private client work, their reputation and market knowledge - we’re proud to have been featured alongside our peers for this prestigious accolade. | | | |
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OIS Business Bites - Venture-backed Exits | |
When planning to exit a company there are a number of financial, tax and legal considerations both during the planning, negotiation and execution stage. These considerations can be particularly nuanced when the exit involves a colourful cap table with a diverse range of shareholders from founders to domestic or overseas institutional investors, former employees who have retained shareholdings or strategic collaborators. | |
Together with The Oxford Innovation Society (OIS) and Mishcon de Reya, our experts will delve into some of the challenges that can be faced by companies engaging in an exit strategy and explore ways in which you can navigate the pathway to a successful outcome for all.
For more information and to register for this event, please click below. | | | |
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The British Chambers of Commerce's Quarterly Economic Survey Report | |
We are proud to have sponsored the latest Quarterly Economic Survey Report, published by the Thames Valley Chamber of Commerce (TVCC), following the national results released by the British Chambers of Commerce (BCC). Businesses across the Thames Valley region participated in the Q3 survey, which ran between August 19 and September 16 after Labour won the general election but ahead of the upcoming Budget. | |
Sue Staunton, Joint Managing Partner, commented: “The survey was polled following the election of a new government and before that government’s first budget on 30th October. It’s, therefore, not surprising to see that despite the relative confidence the survey is showing concern from respondents about taxation and the impact of measures that might be introduced by the government.” | | | |
Thank you to all those businesses who completed the QES for this quarter - the Thames Valley report can be viewed below. | |
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New non-domicile regime opens attractive tax opportunities for returning expats | |
Changes to the non-domicile regime expected to be confirmed in this month’s Budget will offer unexpected tax planning opportunities for UK expats wishing to return to the UK. | |
Following announcements first suggested by the Conservative government and now scheduled to take effect from April 2025, called the Foreign Income and Gains Regime (FIG), expats who meet certain conditions can bring worldwide assets and income into the UK with no UK tax implications for four years offering tax planning opportunities for the UK’s large expat community. | | | |
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| Government cracks down on late payments | |
The government has announced a crackdown on late payments to small businesses and the self-employed. Late payments cost SMEs £22,000 a year on average, according to Smart Data Foundry, while the Federation of Small Businesses says it leads to 50,000 business closures a year. The government will consult on new laws that will hold larger firms to account and aim to get cash flowing back into businesses. | |
In addition, new legislation being brought in the coming weeks will require all large businesses to include payment reporting in their annual reports - putting the onus on them to provide clarity in their annual reports about how they treat small firms. This will mean company boards and international investors will be able to see how firms are operating. | | | |
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Government announces apprenticeship reforms
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The government has announced an overhaul of the UK's apprenticeship system. A new growth and skills levy which will replace the existing apprenticeship levy and include new foundation apprenticeships. The government says these new apprenticeships will give young people a route in to careers in critical sectors, enabling them to earn a wage whilst developing vital skills. | |
The new levy will also allow funding for shorter apprenticeships, giving learners and employers greater flexibility over their training than under the existing system – where apprenticeships must run for at least 12 months. The training eligible for funding under the new levy will develop over time, informed by Skills England's assessment of priority skills needs, the government adds. | | | |
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Employment Bill brings sweeping changes for employment law | |
The much awaited Employment Bill was introduced to Parliament earlier this month, and will bring wide-ranging changes for employers. HR and payroll outsourcing provider JCHR’s HR team has compiled an employer’s briefing on the topic, and you can bring yourself up to date by following the link below. | | | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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